Budgeting
In 50/30/20, what does the 50 represent?
Needs
A student has extra money. Which is the BEST decision?
Save or Invest It
Name a factor that can affect the primum of your car insurance.
Type of Car, Risk, etc...
Name a very risky investment
stocks or penny stocks
A student receives a W-2 form from their employer at the end of the year.
What information does this form provide?
Total waged earned and total taxes withheld
What is the distinct difference between Gross and Net Income?
What is gross income is the total payment you receive before taking out expenses such as taxes.
Give me a SMART financial goal that satisfies all the requirements.
Specific Measurable Achievable Relevant Time
Jordan causes a car accident that damages another driver’s vehicle.
Which insurance coverage pays for the OTHER driver’s damage?
Liability
A stock portfolio has 40% shares of various blue chip stocks, 20% shares of penny stocks and 40% shares of various Tech stocks. What is a potential problem with this portfolio and what is the term used for this type of issue?
Diversification
When starting a new job, an employee fills out a W-4 form.
What is its main purpose?
Determine how much in taxes to withhold
What do the following letters stand for in the formula for interest? I=PRT
What is Interest
What is Principal
What is Rate
What is Time
John spends $300 on a game rather then pay for gas. As a result he runs out of gas and is late for work. He loses his job and his girlfriend dumps him. What was the opportunity cost for the game?
Gas
Name something covered by comprehensive insurance
hailstorm, firm, etc...
A student buys a stock for $50 and sells it later for $80.
What is the $30 profit called?
Capital Gains
Which form is used to file a federal income tax return?
1040
Find the simple interest on $5000 after 4 Years at a rate of 5%
$1000
A student decides to transfer money into savings each time they get paid before they address wants and needs.
This is an example of:
Pay Yourself First
Name a typical exclusion from Homeowners Insurance
Floods and Earthquakes
A bond is money _____ to a company
Loaned
An employer offers to match an employee's 401(k) contribution 5% up to $6,000. How much should the employee invest in the 401(k) each year?
$6000
Find the amount of interest for an account with $5000 compounding for 5 years at a rate of 5%
A=P(1+r)tA = P(1 + r)^tA=P(1+r)t
Where:
A shopper is comparing two brands of cereal:
Which is the BETTER value?
They are the same
Name a requirement of a HMO that a PPO does not require
Referrals from a primary care doctor
Mutual funds have built in ______. What words fits that blank?
Diversification
in 2026, Sofia invests $3,000 in a stock and sells it 3 months later for $3,800. She also contributes $3,000 to a Traditional IRA. What will she have to pay taxes on in 2026 from these transactions?
800 dollar capital gains only